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प्रश्न
Name any four concepts of GAAP.
टिप्पणी लिखिए
उत्तर
Four concepts of GAAP are as follows:
- The Business Entity Concept
- The Going Concern Concept
- The Money Measurement Concept
- The Accounting Period Concept
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Generally Accepted Accounting Principles (GAAP)
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संबंधित प्रश्न
Explain the Business Entity Concept.
Define the term GAAP.
______ is the language of business.
This concept assumes that the business will continue to exist for a long time in the future.
According to Business Entity Concept:
Every transaction has two effects. (with reference to the concept of Accounting). Give a reason either for or against.
The capital provided by the owner is a liability of the firm. Answer with reference to the concept of Accounting.
"The capital provided by the owner is treated as a liability of the firm." Explain the concept on which the above depends.
Explain Accounting Period Concept.
Explain the revenue principle.
